Submitted by i-am-a-name t3_102rarz in jerseycity
Potentially stupid question. I’m moving from the west coast and we use a little different terminology regarding move-in costs and don’t have broker fees. If I’m renting a $3000 place with a 1.5 month security deposit and one month broker fee is my total cost for the first month $10,500 or does the security deposit include the first month?
The max security deposit allowed by the state of NJ is 1.5 months so could be less. From my experience one month is more common. Also, you don't always need a broker, but if you are moving from out of state, I would recommend it to handle things for you.
Thank you. I’m thinking worst case scenario to build my moving fund but definitely hoping I can get away without a broker and lower deposit.
Also, keep in mind that depending on what is going on with the rental market the broker fee can be negotiated. Not exactly with the broker, but with the landlord who hired the broker to list the property. If rentals start to be in less demand this year, possible to split the fee with the landlord or have them pay it fully if you are highly qualified. Right now, most tenants are paying the brokerage fee, but that changes due to market conditions.
Very helpful. Thank you!
I would not pay broker's fee in JC. Sometimes you have to do it in NYC for desirable locations + rent stabilization (which is the hardest selling point). Unless you are dead set on a place for a few years, even 1 month broker's fee is non-trivial on a single lease.
1.5 months refundable deposit is not the norm, most place requires $1000.
1st month rent + $1000 deposit is the standard that I would stick to.
Yea and with all the incentives right now there's a good chance it could be less than that. I've seen as low as $500 deposit and one or two months off (usually the first two full months) recently. Jersey City is not New York City. You shouldn't be paying a broker fee there unless you're trying to get something super specific. Most of the newer buildings are managed buildings especially downtown, Newport, Journal Square and Paulus Hook areas. Those are typically simple to move into. Much more like what you're used to elsewhere. Similar with Edgewater or Weehawken or the new developments in Bayonne.
Be careful with your movers though. The NYC area is notorious for movers jacking up extra costs for availability of truck parking, walk-ups, distance the truck has to park from your place, availability of an elevator (I've seen companies charge because they had to use an elevator which is crazy). Assume at least $1000 in contingency for stupid fees. I know one company that charged extra because they tried to take the Pulaski Skyway which doesn't allow trucks and had to be diverted onto surface streets. (The only way in and out of JC is either toll roads or the skyway).
Also if you're bringing a car, Jersey City is much much cheaper to park than Manhattan but not cheap. The surface lot on Montgomery and Marin near city hall I found deals for $180 because of an internet special (but it's uncovered which sucks when it snows) but you could easily be in the $250-$350/month range to house your car (which is still half of what it costs in Manhattan or Brooklyn). Also beware the tolls are ridiculously expensive so learn the surface streets and trying to drive into Manhattan via the Holland Tunnel will cost a small fortune. PATH train is your friend so the closer you are to a station or a ferry the better. The ferries are awesome and my favorite way to get across, however they are expensive. $8 one way which is almost triple what the New York ferries cost.
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That’s the worst case scenario. Things vary a lot. When I moved in broker fee was only 1/4 of rent and I didn’t have to pay first month up front. A lot of places I looked at didn’t require security deposit if we used their recommended insurance company or something like that.
I work for a management company in Hoboken and we cover realtor fees and security deposit is $1,000-$1,500. I'm sure there is some in Jersey City too
Typically would be $3000. The security deposit is in addition to the first months rent. You’ll be returned the security deposit within 30 days after leaving apt. (Assuming nothing deducted).
hrckw32 t1_j2uvo7a wrote
The $10,500 figure is accurate